Personal finances can be a difficult thing to have to deal with and if you were to experience a layoff from your job or perhaps a reduction in hours, you may find that the debt you have incurred is simply too much for you to bear. However, there are options that you’ll have and one of them may be to file for is Chapter 7 Bankruptcy in Marion, IL. You may have never had to consider filling for bankruptcy but if you are in this situation, you may have a few questions and here are a few things that you’ll need keep in mind.
The first thing to understand is that Chapter 7 bankruptcy is going to help you alleviate some of the stress you have when trying to pay your debt. Chapter 7 will help you liquidate most of your debt but you will be required to go through a few preliminary step before the chapter 7 process can begin. For example, you will be required to take credit counseling and in these situations, you may find that you don’t need to file for bankruptcy. However, not everyone will find these measures helpful and in these situation the bankrutcy proceedings will continue.
From this point on, the courts will determine which debts are eligable to be forgiven and which debts will stand. In many instances, if appliciable, you may be required to liquidate some of your assets in order to offer your creditors some compensation. You may not have to pay them all off, but some resitution may be required if you have certain assets that you can live without. Fortunately, you won’t have to sell your home or your vehicles to repay creditors.
While this can be a difficult time, the discomfort is usually short lived because the process typically takes about 6 months from beginning to end. In addition, once the bankruptcy begins, your creditors are prohibited from contacting you. If they do, you can refer them to your attorney. This typically will cause any phone calls or communication from your creditors to end quickly.
Whether it’s Chapter 11 Bankruptcy in Carbondale, IL for a business or Chapter 7 Bankruptcy in Marion, IL for individual finances, it’s vital to have an attorney representing you. With as complected and confusing as the bankruptcy process can be, you’ll need someone with experience in these proceedings and that is what a lawyer can offer you.
